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## Question 1 (1 point) If P(A) = 0.3, P(B) = 0.2, P(A and B) = 0.0 , what can be said about events A a

Question 1 (1 point)

If P(A) = 0.3, P(B) = 0.2, P(A and B) = 0.0 , what can be
said about events A and B?
Question 1 options:

1) They are
posterior probabilities.

2) They are
independent.

3) They are
mutually exclusive.

4) None of
the above

5) All of
the above

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________________________________________
Question 2 (1 point)

The number of cell phone minutes used by high school seniors
follows a normal distribution with a mean of 500 and a standard deviation of
50. What is the probability that a student uses more than 350 minutes?
Question 2 options:

1) 0.999

2) 0.618

3) 0.382

4) 0.001

5) None of
the above

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________________________________________
Question 3 (1 point)

Below is a payoff table giving profits for various
situations. What decision would an optimist make?

Question 3 options:

1) Alternative
1

2) Alternative
2

3) Alternative
3

4) Do
Nothing

5) State of
Nature A

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________________________________________
Question 4 (1 point)

Demand for soccer balls at a new sporting goods store is
forecasted using the following regression equation: Y = 98 + 2.2X where X is
the number of months that the store has been in existence. Let April be
represented by X = 4. April is assumed to have a seasonality index of 1.15.
What is the forecast for soccer ball demand for the month of April (rounded to
the nearest integer)?
Question 4 options:

1) 100

2) 115

3) 123

4) 107

5) None of
the above

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________________________________________
Question 5 (1 point)

Andre Candess manages an office supply store. One product in
the store is computer paper. Andre knows that 10,000 boxes will be sold this
year at a constant rate throughout the year. There are 250 working days per
year and the lead-time is 3 days. The cost of placing an order is \$30, while
the holding cost is \$15 per box per year. How many units should Andre order
each time?
Question 5 options:

1) 400

2) 200

3) 100

4) 500

5) None of
the above

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________________________________________
Question 6 (1 point)

A widely used mathematical programming technique designed to
help managers and decision making relative to resource allocation is called
__________.
Question 6 options:

1) computer
programming

2) linear
programming

3) constraint
programming

4) goal
programming

5) None of
the above

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________________________________________
Question 7 (1 point)

The first step in planning and scheduling a project is to
develop the __________.
Question 7 options:

1) work
breakdown structure

2) critical
path

3) variance
calculations for each activity

4) PERT/CPM
network diagram

5) employee
scheduling plan

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________________________________________
Question 8 (1 point)

A suburban specialty restaurant has developed a single
drive-thru window. Customers order, pay, and pick up their food at the same
exponential distribution. If the average number of arrivals is 6 per hour and
the service rate is 2 every 15 minutes, how much time will elapse (in hours)
from the time a customer enters the line until he/she leaves the restaurant?
Question 8 options:

1) 0.25

2) 3.00

3) 0.50

4) 2.25

5) 0.75

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________________________________________
Question 9 (1 point)

Variations that usually occur in a process are called:
Question 9 options:

1) assignable
variations.

2) process
variations.

3) natural
variations.

4) control
variations.

5) none of
the above

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Question 10 (1 point)

Refer to the Table below. Bags of chocolate candy are
sampled to ensure proper weight. The overall average for the samples is 36
ounces. Each sample contains twelve bags. The average range is 1.3 ounces. The
upper control chart limit for the sample averages would be:

Question 10 options:

1) 38.310

2) 37.1258

3) 36.3458

4) 36.6279

5) 35.6542

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Question 11 (1 point)

__________ involves sending an offer, announcement,
reminder, or other item to a person at a particular address.
Question 11 options:

1) Kiosk
marketing

2) Online
marketing

3) Ambush
marketing

4) Direct-mail
marketing

5) Telemarketing

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Question 12 (1 point)

A university enrolled 200 graduate students in the Fall of
2011. However, the enrollment rate was only slightly affected following a 12
percent hike in tuition the following Fall. This illustrates a(n) ____________
demand.
Question 12 options:

1) derived

2) negative

3) highly
elastic

4) composite

5) inelastic

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Question 13 (1 point)

The latest trend in the United States involves rediscovering
the benefits of home-cooked food and the use of organic ingredients. People are
choosing to spend hours in the kitchen using only the freshest ingredients to
cook healthy and nutritious meals. This change in __________ is one of the
reasons for the increasing demand for organic ingredients.
Question 13 options:

1) self-concept

2) subculture

3) lifestyle

4) personality

5) life-cycle

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Question 14 (1 point)

Dan has been directed to study the actors close to a company
that affect its ability to serve its customers such as the company, suppliers,
marketing intermediaries, customer markets, competitors, and publics. In this
instance, Dan has been directed to study the ____________ of the company.
Question 14 options:

1) macroenvironment

2) microenvironment

3) technological
environment

4) demographic
environment

5) political
environment

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Question 15 (1 point)

A firm that uses the selling concept takes a(n) __________
approach.
Question 15 options:

1) outside-in

2) niche
marketing

3) inside-out

4) societal
marketing

5) customer-driven

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Question 16 (1 point)

Apart from retaining good customers, most marketers want to
constantly increase their “share of customer.” What does this mean in
marketing terms?
Question 16 options:

1) Marketers
want to increase their market share.

2) Marketers
want to increase the share they get of the customers purchasing in their
product categories.

3) Marketers
want to diversify their operations and customize their products to cater to the
entire market.

4) Marketers
want to continuously increase their customers’ levels of satisfaction.

5) Marketers
want to turn satisfied customers into delighted customers.

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Question 17 (1 point)

Cats and Rats is a tablet game that allows players to be one
or the other and try to outsmart their opponents. In order to win, the players
need an occasional energy boost in the form of a nap, which is free, or the
player can pay for Cat Treats or Cheese Nibbles for their cat or rat. What form
of pricing is this?
Question 17 options:

1) Penetration

3) Freemium

4) Skimming

5) Segmented

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Question 18 (1 point)

Which of the following is true of market-penetration
pricing?
Question 18 options:

1) It should
be used when the product’s quality and image support a high price.

2) It
involves setting a high price for a new product to appeal to the elite in
society.

3) It
results in drawing in large numbers of buyers quickly, winning a large market
share.

4) It is
best used in conjunction with a market-skimming pricing strategy.

5) It
results in the company making fewer and less profitable sales.

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Question 19 (1 point)

Which of the following marketing orientations calls for aggressive
promotional efforts and focuses on creating transactions rather than long-term
customer relationships?
Question 19 options:

1) The
marketing concept

2) The
production concept

3) The
product concept

4) The
selling concept

5) The
societal marketing concept

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Question 20 (1 point)

____________ is determined by a customer’s evaluation of the
benefits and costs of a market offering relative to those of competing offers.
Question 20 options:

1) Customer-perceived
value

2) Customer

3) Share of
customer

4) Customer-managed
relationship

5) Brand
value proposition

Question 21 (1 point)

Which of the following is a characteristic of a contribution
margin income statement?
Question 21 options:

1) Variable
and fixed expenses are combined into total expenses.

2) Contribution
margin is identified as the difference between sales revenue and total
expenses.

3) The
amount of gross margin is shown.

4) When
variable costs are less than sales revenue, there is a positive contribution
margin.

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Question 22 (1 point)

Which of the following will result in an unfavorable direct
materials efficiency variance?
Question 22 options:

1) The
actual quantity of direct materials used per unit was less than the standard
quantity of direct materials allowed per unit.

2) The
actual cost per unit of direct materials exceeded the standard cost of direct
materials.

3) The
actual quantity of direct materials used per unit exceeded the standard
quantity of direct materials allowed per unit.

4) The
actual cost per unit of direct materials was less than the standard cost of
direct materials.

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Question 23 (1 point)

Pennell Company gathered the following information for the
year ended December 31, 2009. During the year, Pennell produced and sold 75,000
units of product at a sale price of \$6.50 per unit. What is the contribution
margin?

Question 23 options:

1) \$287,500

2) \$122,500

3) \$209,500

4) \$246,500

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Question 24 (1 point)

Which of the following is a debt that is due to be paid with
cash, or with goods and services within the next year (or normal operating
cycle if longer)?
Question 24 options:

1) Long-term
liability

2) Quick
liability

3) Current
liability

4) Liquid
liability

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Question 25 (1 point)

How many members serve on the IASB?
Question 25 options:

1) 14

2) 18

3) 20

4) 22

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Question 26 (1 point)

The starting point in the budgeting process is the:
Question 26 options:

1) preparation
of the sales budget.

2) preparation
of the cash budget.

3) preparation
of the budgeted income statement.

4) preparation
of the budgeted statement of cash flows.

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Question 27 (1 point)

A two-year note payable would be classified as a:
Question 27 options:

1) current
asset.

2) long-term
asset.

3) long-term
liability.

4) current
liability.

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Question 28 (1 point)

A company uses the indirect method to prepare the statement
of cash flows. It sold a piece of equipment at a loss of \$3,600. The equipment
was purchased several years ago for \$70,500 and had accumulated depreciation of
\$52,900. What is reported under the operating activities section on the
statement of cash flows?
Question 28 options:

1) Cash
proceeds of \$14,000 are subtracted from net income.

2) The loss
of \$3,600 is added to net income.

3) The loss
of \$3,600 is subtracted from net income.

4) Cash
proceeds of \$14,000 are added to net income.

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Question 29 (1 point)

Lowwater Sailmakers manufactures sails for sailboats. The
company has the capacity to produce 25,000 sails per year and is currently
producing and selling 20,000 sails per year. If a special sales order is
accepted for 5,000 sails at a price of \$125 per unit, and fixed costs remain
unchanged, what is the change in operating income?

Question 29 options:

1) Operating
income increases \$225,000.

2) Operating
income decreases \$125,000.

3) Operating
income decreases \$5,000.

4) Operating
income increases \$190,000.

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Question 30 (1 point)

A net loss would be closed as a:
Question 30 options:

1) credit to
Retained earnings.

2) debit to
Retained earnings.

3) debit to
Revenues.

4) credit to
Expenses.

Question 31 (1 point)

If a bond dealer sells a government bond to the Fed for
\$100,000, and the reserve ratio is 10 percent, then the bank that receives a
\$100,000 deposit from the dealer can expand its loans by __________, and the
money supply can increase by as much as __________.
Question 31 options:

1) \$80,000;
\$800,000

2) \$10,000;
\$100,000

3) \$90,000;
\$1,000,000

4) \$90,000;
\$900,000

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Question 32 (1 point)

If the residents of a country specialize in a good in which
they have a comparative advantage and trade with residents in another nation,
the residents in the first country:
Question 32 options:

1) can
consume more than they could without trade.

2) can
produce more than they could without trade.

3) will have
a lower standard of living.

4) will be
exploited by the second nation.

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Question 33 (1 point)

Using trade restrictions to protect special interests such
as the U.S. auto industry:
Question 33 options:

1) results
in lower prices for U.S. auto consumers.

2) raises
the prices that U.S. consumers must pay for autos.

3) is a very
cost-efficient way of dealing with trade problems.

4) is the
best long-term solution for threatened U.S. jobs.

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Question 34 (1 point)

If the price of cotton used in making blue jeans increases,
which of the following will occur?
Question 34 options:

1) There
will be a movement along an unchanged supply curve for jeans.

2) The
supply curve for jeans will shift rightward.

3) The
supply curve for jeans will shift leftward.

4) There
will be a rightward shift in the supply curve for jeans, followed by a movement
along the supply curve.

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Question 35 (1 point)

The Consumer Price Index measures:
Question 35 options:

1) the
average of raw material prices paid by producing firms.

2) the level
of prices with respect to goods and services purchased by a typical consumer in
urban areas.

3) the
average of the prices of all goods produced in a country and goods imported
from other countries.

4) hourly
wage rates of manufacturing workers.

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Question 36 (1 point)

Strategic behavior and game theory are features of which
market structure?
Question 36 options:

1) Perfect
competition

2) Monopoly

3) Monopolistic
competition

4) Oligopoly

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Question 37 (1 point)

When one uses the expenditure approach to calculate Gross
Domestic Product (GDP), which of the following would be included?
Question 37 options:

1) Government
spending at the local, state, and federal levels

2) Household
purchases of services

3) Private

4) All of
the above

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Question 38 (1 point)

A firm will not hire additional workers once:
Question 38 options:

1) it earns
accounting profits.

2) the
additional cost of a worker equals the additional revenue from the worker.

3) total
product is rising.

4) the
company reaches its breakeven output level.

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Question 39 (1 point)

A decrease in long-run average costs resulting from increases
in output is:
Question 39 options:

1) attributed
to economies of scale.

2) attributed
to diseconomies to scale.

3) attributed
to constant returns to scale.

4) attributed
to the law of diminishing marginal product.

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Question 40 (1 point)

Suppose the economy currently is in a recessionary gap. The
Fed engages in expansionary monetary policy. The impact of expansionary
monetary policy will be to:
Question 40 options:

1) increase
aggregate demand, increase prices, and increase real GDP.

2) increase
aggregate demand, increase prices, and decrease real GDP.

3) increase
short-run aggregate supply, decrease in prices, and decrease in real GDP.

4) increase
short-run aggregate supply, decrease prices, and increase real GDP.

Question 41 (1 point)

Project A has an NPV of \$500 and project B has an NPV of
\$800. Management should:
Question 41 options:

1) choose
both projects if they are mutually exclusive projects.

2) choose
project A only if they are mutually exclusive projects.

3) choose
both projects if they are independent projects.

4) choose
project B only if they are independent projects..

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Question 42 (1 point)

What is the term used to describe today’s currency exchange
rate?
Question 42 options:

1) The
ex-poste rate

2) The
option rate

3) The spot
rate

4) The
forward rate

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Question 43 (1 point)

If the NPV of a project is positive, the IRR is __________
the cost of capital.
Question 43 options:

1) greater
than

2) less than

3) equal to

4) riskier
than

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Question 44 (1 point)

Which of the following is not a commonly used method to
Question 44 options:

1) Licensing

2) Foreign
exchange

3) Exporting

4) Joint
venture

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Question 45 (1 point)

If a firm’s degree of operating leverage (DOL) is 2, how
will a 6% increase in sales affect its earnings before interest and taxes
(EBIT)?
Question 45 options:

1) EBIT will
rise 4%.

2) EBIT will
rise 8%.

3) EBIT will
rise 12%.

4) DOL does
not affect this relationship.

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Question 46 (1 point)

If the exchange rate between the U.S. dollar and the Euro is
\$1.40 per Euro, how many Euros will be needed to purchase a \$10,000 asset?
Question 46 options:

1) 0.0001

2) 7,143

3) 10,000

4) 14,000

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Question 47 (1 point)

A firm has fixed costs of \$10,000, variable costs of \$5, and
a price per unit of \$15. What is the firm’s breakeven sales level in units?
Question 47 options:

1) 667

2) 1,000

3) 2,000

4) 5,000

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Question 48 (1 point)

In the U.S., who owns a corporation?
Question 48 options:

1) Stockholders

2) Employees

3) Board of
directors

4) U.S.
government

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Question 49 (1 point)

A company has two bonds that are identical except one
matures in 5 years and one matures in 10 years. If interest rates fall, what
will happen to the price of the bonds?
Question 49 options:

1) Both will
decrease and the 10-year will decrease more.

2) Both will
decrease and the 5-year will decrease more.

3) Both will
increase and the 10-year will increase more.

4) Both will
increase and the 5-year will increase more.

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Question 50 (1 point)

The future value of an investment earning interest will
__________ as the number of compounding periods increases.
Question 50 options:

1) increase

2) decrease

3) not
change

4) show
increased risk

Question 51 (1 point)

The period of irrevocability in a firm offer cannot exceed:
Question 51 options:

1) 1 month.

2) 3 months.

3) 12
months.

4) 6 months.

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Question 52 (1 point)

A portable trailer is an example of:
Question 52 options:

1) real
property.

2) personal
property.

3) subsurface
property right.

4) none of
the above.

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Question 53 (1 point)

As a director of a large corporation, Paul will most likely
Question 53 options:

1) is the
proposed action legal?

2) is the
proposed action profitable?

3) is the
proposed action ethical?

4) all of
the above.

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Question 54 (1 point)

A binding promise to keep an offer open for a period of time
is called a(n):
Question 54 options:

1) time
contract.

2) binding
contract.

3) breach
contract.

4) option
contract.

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Question 55 (1 point)

The failure to do what is called for by a contract is a:
Question 55 options:

1) waiver.

2) breach.

3) forbearance.

4) reservation
of right.

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Question 56 (1 point)

All goods not existing at the time of a transaction are
called:
Question 56 options:

1) existing
goods.

2) tangible
goods.

3) future
goods.

4) intangible
goods.

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Question 57 (1 point)

If no termination date is specified for an offer, the offer
will remain open:
Question 57 options:

1) for one
year.

2) for six
months.

3) for a
reasonable time.

4) until
someone accepts the offer.

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Question 58 (1 point)

A counteroffer is a(n):
Question 58 options:

1) acceptance
of the original offer:

2) rejection
of the original offer.

3) acceptance
of the original offer and an invitation to negotiate further.

4) a
revocation of the original offer.

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Question 59 (1 point)

Samantha agrees to sell Sally one lot next to her store. She
gives Sally a legal description of the lot. Sally gives Samantha an unsigned
copy of the contract terms. Samantha then sends a signed letter that mentions a
legal description. Sally sends back a final unsigned contract with her deposit
check attached to it.
Question 59 options:

1) The
handwritten legal description and unsigned draft contract satisfy the Statute
of Frauds.

2) The
handwritten legal description, unsigned draft contract, the signed letter, and
the final unsigned contract with the deposit check have satisfied the Statute
of Frauds.

3) They have
not satisfied the Statute of Frauds.

4) None of
the above.

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Question 60 (1 point)

The basis for the law system in the U.S. today has its
origins in:
Question 60 options:

1) Greek
statutory positivism.

2) Roman
natural law.

3) French
Napoleonic law.

4) English
common law.

Question 61 (1 point)

The __________ prohibits discrimination based on race,
color, religion, national origin, or sex.
Question 61 options:

1) Privacy
Act

2) Equal Pay
Act

3) Civil
Rights Act, Title VII

4) Sarbanes-Oxley
Act

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Question 62 (1 point)

Fredrick Taylor is known as the father of:
Question 62 options:

1) scientific
management.

2) contingency
theory.

3) operant
conditioning.

4) organization
behavior.

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Question 63 (1 point)

For managers, communication can’t be overemphasized, because
__________ requires communication.
Question 63 options:

1) Decision
making

2) Planning

3) Everything
a manager does

4) Supervising
and monitoring employees

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Question 64 (1 point)

All of the following are part of the process of
organizational design except __________.
Question 64 options:

1) determining
goals for the organization

2) determining
rules for employee behavior

3) deciding
how specialized jobs should be

4) determining
the level at which decisions are made

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Question 65 (1 point)

Informal planning is __________.
Question 65 options:

1) general
and usually lacks continuity

2) always
performed at the lowest organizational level

3) performed
exclusively by middle managers

4) more
specific than formal planning

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Question 66 (1 point)

Which organization would the transformational model probably
least likely be applied to?
Question 66 options:

1) A car
repair shop that also sells automotive parts

2) A major
chain sporting goods store

3) A
wholesale clothing retailer

4) A small

5) A
family-style restaurant

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Question 67 (1 point)

Staff managers have authority over __________.
Question 67 options:

1) the
person above them in the chain of command

2) special
support employees only

3) middle
managers

4) line
managers

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Question 68 (1 point)

Which one of the four functions of management includes the
coordination of activities to meet organizational goals?
Question 68 options:

1) Controlling

2) Planning

3) Organizing

5) Commanding

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Question 69 (1 point)

Which step immediately follows the identification of a
problem in the decision-making process?
Question 69 options:

1) Developing
alternatives

2) Selecting
an option

3) Selecting
decision criteria

4) Weighing
decision criteria

5) Implementing
a decision

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Question 70 (1 point)

What is the first step in the control process?
Question 70 options:

1) Feedforward
correction

2) Measurement
of a standard

3) Creation
of standard variations

4) Performance
observation

5) Immediate
corrective actions

Question 71 (1 point)

A __________ is a person or an organization that seeks to
obtain or alter data or other IS assets illegally without the owner’s
permission and often without the owner’s knowledge.
Question 71 options:

1) target

2) vulnerability

3) threat

4) key
escrow

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Question 72 (1 point)

The physical components of a computer are referred to as
__________.
Question 72 options:

1) software

2) specifications

3) configurations

4) hardware

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Question 73 (1 point)

The suite of communications protocols used in the Internet
is called:
Question 73 options:

1) HTML.

2) TCP/IP.

3) URL.

4) none of
the above.

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Question 74 (1 point)

In a computer, components called __________ are used to
accomplish the input and output functions.
Question 74 options:

1) cards

2) peripheral
devices

3) ergonomic
devices

4) display

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Question 75 (1 point)

Which of the following is an international standard language
for processing a database?
Question 75 options:

1) Cassandra

2) DB2

3) SQL

4) MS Access

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Question 76 (1 point)

Brenda, the sales manager of a firm, wants to generate a
particular report containing sales analyses of the second and third quarter of
the year. She should use a __________ to obtain the information that she wants
from the database.
Question 76 options:

1) report

2) data
model

3) database

4) query

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Question 77 (1 point)

Which of the following is the presentation format of an
application?
Question 77 options:

2) Process
blueprints

3) Botnet

4) User
interface

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Question 78 (1 point)

A wide-area network (WAN) is more than one __________
connected together.
Question 78 options:

1) LAN

2) WLAN

3) PAN

4) workstation

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Question 79 (1 point)

Which of the following is not a component of a Central
Processing Unit (CPU)?
Question 79 options:

1) Control
unit

2) Registers

3) Random
access memory

4) Arithmetic
logic unit

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Question 80 (1 point)

Which of the following is the largest unit of measurement?
Question 80 options:

1) Terabyte

2) Gigabyte

3) Megabyte

4) Kilobyte

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